Analyst, Stuart Jeffrey, said, "Revenue risks undo margin momentum, yet macro heavily priced in. Despite the strong margin performance, management’s revenue guidance missed expectations by 3% and its EPS guidance by 8% at the mid-point of guidance. Cisco cites increased caution at enterprise customers driven by EU and broad macro concerns that may take some time to ease. We have reduced our 2012E/2013E EPS from $1.89/$2.11 to $1.83/$2.01. If macro trends deteriorate further then further downside to estimates seems likely. At current multiples (9.1x CY12E vs MSCI US at 13.3x), we believe a significant further decline in earnings is priced in. Buy retained – relative on macro decline, absolute if macro improves."

For an analyst ratings summary and ratings history on Cisco click here. For more ratings news on Cisco click here.